By Boluwatife Oshadiya | June 10, 2026
Key Points
- Brent crude rose to $91.46 per barrel as supply concerns returned to the oil market
- The United States launched fresh strikes on Iranian military targets after the downing of an Apache helicopter
- US crude inventories fell by 9.12 million barrels, significantly exceeding market expectations
Main Story
Global oil prices moved slightly higher on Wednesday as investors assessed renewed geopolitical risks in the Middle East following fresh US military strikes against Iran.
Brent crude, the international oil benchmark, traded at $91.46 per barrel, while US West Texas Intermediate (WTI) crude stood at $88.19 per barrel. The gains came after both contracts had fallen nearly 3% in the previous session amid optimism surrounding diplomatic efforts and a fragile ceasefire between Washington and Tehran.
The latest escalation followed the downing of a US Army Apache helicopter, which Washington attributed to Iranian actions. In response, US Central Command (CENTCOM) confirmed that American forces carried out what it described as “self-defense strikes” targeting Iranian military infrastructure, including air defence systems, surveillance facilities, and command centres.
Iran’s Islamic Revolutionary Guard Corps (IRGC) responded with retaliatory attacks targeting multiple American military installations across the Middle East, further raising concerns about potential disruptions to energy supplies from the region.
Adding support to oil prices, the American Petroleum Institute (API) reported that US commercial crude inventories declined by 9.12 million barrels during the past week. The drawdown was substantially larger than analysts’ expectations of a 3.4 million-barrel decline, indicating stronger demand or tighter supply conditions in the world’s largest oil-consuming nation.
The Middle East remains responsible for roughly one-third of global oil production, making any military escalation in the region a major concern for energy traders and policymakers.
What’s Being Said
“US forces completed a series of self-defense strikes against Iranian military targets following the attack on an American Apache helicopter,” CENTCOM said in a statement.
“No attack or threat against Iran will go unanswered,” Iranian Foreign Minister Abbas Araghchi said in a post on X following the US strikes.
Independent energy analysts say the renewed conflict has revived concerns about shipping security around the Strait of Hormuz, a critical chokepoint through which approximately 20% of global oil supplies pass.
What’s Next
- The US Energy Information Administration (EIA) is expected to release official crude inventory data that could provide further direction for oil markets.
- Investors will closely monitor developments around the Strait of Hormuz for any disruption to global shipping routes.
- Diplomatic efforts aimed at preserving the ceasefire between Washington and Tehran are expected to continue in the coming days.
The Bottom Line:
The latest US-Iran confrontation has quickly shifted market attention from diplomacy back to supply security. With crude inventories tightening and geopolitical risks increasing, oil markets remain vulnerable to further price volatility in the weeks ahead.
